Centene Corporation $CNC Stock Holdings Decreased by State of Michigan Retirement System

State of Michigan Retirement System reduced its position in Centene Corporation (NYSE:CNC) by 5.0% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 154,327 shares of the company’s stock after selling 8,100 shares during the quarter. State of Michigan Retirement System’s holdings in Centene were worth $8,377,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of CNC. Quarry LP acquired a new stake in shares of Centene in the first quarter worth $26,000. Assetmark Inc. boosted its position in shares of Centene by 248.2% in the second quarter. Assetmark Inc. now owns 1,156 shares of the company’s stock worth $63,000 after buying an additional 824 shares during the period. GHP Investment Advisors Inc. boosted its position in shares of Centene by 265.8% in the second quarter. GHP Investment Advisors Inc. now owns 1,178 shares of the company’s stock worth $64,000 after buying an additional 856 shares during the period. Trust Co. of Toledo NA OH acquired a new stake in shares of Centene in the second quarter worth $77,000. Finally, Geneos Wealth Management Inc. boosted its position in shares of Centene by 78.1% in the first quarter. Geneos Wealth Management Inc. now owns 1,462 shares of the company’s stock worth $89,000 after buying an additional 641 shares during the period. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Price Performance

NYSE CNC opened at $34.50 on Tuesday. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $66.81. The stock’s 50-day moving average is $33.68 and its two-hundred day moving average is $41.25. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.08 and a quick ratio of 1.10. The firm has a market cap of $16.96 billion, a P/E ratio of -3.19, a price-to-earnings-growth ratio of 1.24 and a beta of 0.48.

Centene (NYSE:CNC) last posted its earnings results on Wednesday, October 29th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.71. Centene had a positive return on equity of 7.82% and a negative net margin of 2.85%.The company had revenue of $49.69 billion for the quarter, compared to analyst estimates of $47.50 billion. During the same period last year, the company earned $1.62 earnings per share. The business’s revenue was up 18.2% compared to the same quarter last year. On average, analysts anticipate that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

CNC has been the subject of several recent analyst reports. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $38.00 target price (up previously from $33.00) on shares of Centene in a research report on Thursday. Bank of America lowered Centene from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $52.00 to $30.00 in a report on Wednesday, July 16th. Cowen reiterated a “hold” rating on shares of Centene in a report on Friday. Wall Street Zen lowered Centene from a “buy” rating to a “hold” rating in a report on Saturday, July 12th. Finally, TD Cowen increased their price objective on Centene from $30.00 to $34.00 and gave the stock a “hold” rating in a report on Friday. Three investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $40.53.

Insider Activity at Centene

In other Centene news, CEO Sarah London acquired 19,230 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were acquired at an average cost of $25.50 per share, for a total transaction of $490,365.00. Following the completion of the purchase, the chief executive officer owned 845,275 shares of the company’s stock, valued at approximately $21,554,512.50. This trade represents a 2.33% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.36% of the company’s stock.

Centene Company Profile

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children’s health insurance program, foster care, medicare-medicaid plans, long-term services and support.